Since September 2020, the Monetary Policy Rate (MPR) has remained at 11.5 percent. In order to increase access to funds and limit the consequences on COVID-19, it was decreased by 100 basis points (bps).
In the March meeting, four out of ten members voted in favor of an upward review. According to Cordros’ report, the global economy has undergone significant change; and recent developments indicate that the MPC will engage in a “reactive function.” Headline inflation reached 16. 82 percent year-over-year (Y/Y) in April, which is the highest level since August 2021.
The Monetary Policy Committee of the Central Bank of Nigeria may raise interest rates, according to analysts. However, the committee might become less hawkish if inflation data continue to moderate.
The Bank of England’s MPC raised the key policy rate by 50 basis points to 2. 25 percent for the seventh time in a row, the highest level since November 2008.
“Three members voted for a more aggressive 75bps increase, five members supported a 50bps increase, and one member preferred a 25bps rate hike.
Nevertheless, the Committee also decided to cut the BOE’s GBP838.00 billion holdings of government bonds by GBP80.00 billion over the following 12 months.”